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The end of
the year is the traditional time for a variety of specialists
to sum up results of their work. The World Bank has released its
views of the economic development of the world in 2005. The conclusions
made by WB experts leave quite a dubious impression. On the one
hand, one may say that global economy is rising in the world.
On the other hand, there is a whole number of disturbing factors,
which may push the world into a deep economic crisis.

According
to WB specialists, the year 2005 has been marked with considerable
economic growth. Like in previous years, the largest economic
rise was registered in developing countries - 5.9 percent in 2005
vs. 2.5 percent rise set by the group of industrially developed
states (6.8 and 3.1 percent last year respectively). A certain
decline in the economic development is explained with the growing
prices on oil. It is noteworthy that the economic progress of
developing countries is traditionally based on the permanent success
of China. The situation is different as regard to the developed
states as well: the US and Japanese economies have been growing,
although one can not say the same about the European countries.

The 2005 report
from the World Bank contains a chapter about Russia's economic
accomplishments too: it is included in the part about Europe and
Central Asia. Similar to global economic trends, the tendencies
of the regional economic development are quite ambiguous in general.
Some countries strengthen their economies owing to surplus profits
from very impressive oil sales, whereas high oil prices make other
states slow down the development of certain economic projects,
albeit the moderate speed of the economic development remains
the same.

Azerbaijan
is the absolute leader on the efficiency of using the extra profit
of oil sales. The Czech Republic is probably another country of
the former Soviet camp (and in entire Europe too), which can boast
of similar accomplishments. The Czech government managed to find
the proper use of investments, which inundated the national economy
after the republic became a member of the European Union.

As for Russia,
World Bank specialists traditionally pay attention to the danger
of the growing inflation rate. This is not a secret for the Russian
government, though. One may not say that Russia has a thought-out
plan to fight against the devaluation of the ruble. Various governmental
agencies in Russia argue with each other, trying to defend their
concepts on the matter, while the ruble loses its value slowly
but surely, and the impressive oil income is used to support social
programs in the country.

The only part
of the WB report that can be described as a relevant aspect for
Russia is the WB's acknowledgement of Russian oil sales as beneficial
activities for neighbouring states. It just so happens that Turkey,
for instance, is a lucky state: Turkey's geographical position
on the opposite coast of the Black Sea makes it easier and cheaper
for the country to receive Russian fuel.